Crash 2022 — The Meltdown of Aug. 26, 2022 - The American Spectator | USA News and Politics
Crash 2022 — The Meltdown of Aug. 26, 2022
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Here’s how it happened. The economy was overheating in terms of prices because of big jumps in oil and gas prices, caused largely by shortages in hydrocarbons because of shutdowns in energy minerals’ production. These were caused by fantastical claims about the “killing of the earth” because of Americans using gasoline in our cars.

The Biden regime, which knows as much about energy and the environment and prices as a pig knows about Sunday, responded to these claims by banning fracking and shutting down pipeline use.

These in turn created really major, breathtaking shortages in oil and gas.

This led to price jumps on a staggering level and also to the OPEC states kicking us around mercilessly. This led to a huge jump in the overall price level.

To fight this, the Biden world raised interest rates high and fast. This led to even more slowdowns everywhere and to shortages everywhere.

Classically, this led to the Federal Reserve attempting to slow down the economy and to tamp down demand of all kinds in the economy by drastic rises in interest rates. This led to higher yields on bonds, and this led to far higher prices for bonds and lower prices for stocks.

Thus the meltdown of 8/26/22, and real fear. It all started with the smashing of oil and gas production by the Biden administration. Now, we are getting a recession and much higher prices — a classic “stagflation.” It all started with stopping fracking. It did not need to happen and it could be reversed quickly if we could get fracking back. Will Mr. Biden have the brains to stand up to the enviromob? If he doesn’t, unhappy days are here again.

Ben Stein
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Ben Stein is a writer, actor, economist, and lawyer living in Beverly Hills and Malibu. He writes “Ben Stein’s Diary” for every issue of The American Spectator.
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